USDCHF – Facing A Major Challenge At Resistance 1.0000

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USDCHF faces the strong resistance at 1.000. The pair has successfully climbed up through this resistance till the peak at 1.00013 before falling back to 0.98525. USDCHF had remained in uptrend for last 2 weeks; the last peak was lower than the one before showing that the buying strength becomes weaker.

USDCHF is already in overbought zone of RSI – H1 but in chart D1, RSI level is just at 54, still far away from overbought zone. This means the pair still has enough room for more rally after some consolidation.

Trade suggestion:

Buy at 0.99700, Stop Loss at 0.98525, Take Profit at 1.01000

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